Kodak to cut nearly 4,000 jobs in 2012, loses top executives

Kodak said it will cut an additional 1,000 jobs this year. (Scott Olson / Getty Images)

By Tiffany Hsu

Bankrupt Eastman Kodak Co., the onetime blue chip wunderkind, will shed an additional 1,000 jobs by the end of the year as it ditches chunks of its business.

Already this year, the Rochester, N.Y., company has cut 2,700 positions. The newest swipe of the axe will help Kodak save $330 million, it said Monday.

“Kodak is becoming a more focused and competitively scaled company,” said Chief Executive Antonio M. Perez in a statement. “We recognize that we must significantly and expeditiously reduce our current cost structure, which is designed for a much larger, more diversified set of businesses.”

The once-esteemed company filed for bankruptcy in January after falling behind rivals in the digital race. Now, Kodak hopes to shift focus to products such as printers.

As part of its evolution, two top executives are also bowing out. Philip J. Faraci, a co-president, is leaving, the company said Monday. Chief Financial Officer Antoinette P. McCorvey is also jumping ship.